Nigerian Insurance companies and banks to issue integrity bond to contractors.

INSURANCE companies and banks in Nigeria are to issue fiduciary bonds, also known as, integrity bonds to contracts for infrastructure projects, consultancy engagements and so on. Nigeria’s Vice-President, Yemi Osinbajo, who disclosed this at a breakfast meeting in Abuja, the Nigerian capital with the theme, ‘Rethinking Business Conduct and Practices: A Sustainable Concept to Transforming… Continue reading Nigerian Insurance companies and banks to issue integrity bond to contractors.

Nigeria’s Federal Government to introduce new classification for insurance firms in Nigeria.

Nigeria’s Federal Government, through its National Insurance Commission (NAICOM), plans to introduce a new classification policy in the Insurance industry, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Muhammad Kari, has said. Kari stated this at an executive breakfast meeting organised by the Society for Corporate Governance Nigeria, in Lagos, Nigeria on… Continue reading Nigeria’s Federal Government to introduce new classification for insurance firms in Nigeria.

Fintech poses huge threat to traditional banking, says CIBN

The Chartered Institute of Bankers of Nigeria (CIBN), Lagos State branch, has said the financial space is being revolutionized with the deployment of financial technology by Deposit Money Banks to meet the financial needs of their customers. The Chairman, CIBN Lagos branch, Mr Kola Abdul, said in a statement that recent reports indicated that investment… Continue reading Fintech poses huge threat to traditional banking, says CIBN

Cyber Attacks on the Rise, Experts Warn

Cybersecurity experts have raised the alarm that cyber attacks on organisations was on the increase, with a possibility to cause a global financial loss of $1 trillion in the next few years, up from the $5.3 billion global loss recorded in 2017 and $9 billion in 2018. Cybersecurity experts who spoke at a breakfast meeting… Continue reading Cyber Attacks on the Rise, Experts Warn

Four major building collapses claimed 199 lives – Nigerian Building and Road Research Institute.

Four major building collapses that occurred in the country between 2014 and 2016 claimed 199 lives, the Nigerian Building and Road Research Institute (NBRRI) has said. The Director-General, NBRRI, Prof Danladi Matawal, said this in a keynote address at the 2018 Annual National Conference and Exhibition of the Nigerian Institute of Metallurgical, Mining and Materials… Continue reading Four major building collapses claimed 199 lives – Nigerian Building and Road Research Institute.

Nigerian Banks Lose N12.30bn To Fraud In 4 Years.

The Nigerian Inter-Bank Settlement System (NIBSS), yesterday said the Nigerian banking industry lost the sum of N12.30 billion to frauds between 2014 and 2017. Managing director, NIBBS, Mr Adebisi Shonubi, disclosed this at the third annual Banking Security Summit organised by MAXUT Consulting in partnership with OneSpan, a global data security company in Lagos, Nigeria.… Continue reading Nigerian Banks Lose N12.30bn To Fraud In 4 Years.

Nigeria’s Federal Government targets insurance firms, others to fund national shipping fleet.

THE Nigerian Federal Government is targeting banks and insurance companies to finance the national shipping carrier, following the withdrawal of a Singaporean liner, Pacific International Lines (PIL), from the initiative. The Singaporean shipping company, with over a hundred ships in its fleet world-wide, had said that it would not be able to cope with the… Continue reading Nigeria’s Federal Government targets insurance firms, others to fund national shipping fleet.